Substantial North Devon Hotel Inn Restaurant For Sale

Business description

SUBSTANTIAL NORTH DEVON HOTEL/INN/RESTAURANT WITH LETTING BEDROOMS AND A PROMINENT MARKET SQUARE LOCATION IN THE POPULAR TOWN OF GREAT TORRINGTON




Very prominent location, set in the Market Square of the popular North Devon town of Great Torrington.
Impressive Restaurant (circa 70) with quality carpets and well furnished - currently not being utilised.
Fantastic Function Room (circa 100) ideal for large parties, wedding and events.
Lounge Bar (circa 35), Public Bar (circa 20) and Snug Bar (circa 15) offering many uses.
7 en-suite letting bedrooms in good condition.
Freehold or new 15 yr Private 'free of tie' lease.
Small car park, 1 bed flat, Patio/Terrace (circa 60).
Current sales circa £234,000 (incl.) - 100% wet run under management with huge potential on the food and letting side.


RARE OPPORTUNITY TO PURCHASE A NEW FREE OF TIE LEASE OR FREEHOLD FOR THIS DEVON MARKET TOWN HOTEL/INN.


ASKING PRICE £600,000 FREEHOLD OR £49,500 FREE OF TIE LEASEHOLD TO INCLUDE FIXTURES AND FITTINGS, GOODWILL, EXCLUDING S.A.V.


LOCATION
This substantial and highly desirable hotel/inn/restaurant has an enviable location on the Market Square of Great Torrington.

Great Torrington is a friendly and welcoming town, set in the midst of rolling, unspoilt green North Devon countryside. In the very heart of Tarka Country, the wonderful landscape has remained unchanged since Henry Williamson wrote his classic novel 'Tarka the Otter' in the 1920's. The town had a significant role in the English Civil War, specifically, the Battle of Torrington in 1646 which the town is proud to present a family attraction called '1646'. Great Torrington also boasts the world famous Dartington Crystal Company and the beautiful Royal Hortcultural Society Gardens, both attracting thousands of visitors annually.

THE PROPERTY

Occupying a prominent location on the Market Sq of Great Torrington.



Front entrance leads into the main hallway and reception area.

Lounge Bar (circa 35) with a bar servery, carpeted floor and feature fireplace is an integral part of the ground floor area.

Restaurant (circa 70) is located on the 1st floor and is a very good sized room, furnished to a high standard. Amazingly, this room is not being utilised at present and offers huge potential.



Function Room (circa 100) is an excellent sized room, again set on the 1st floor and offers an ideal venue for large parties, weddings and other events. It benefits from a bar servery, wood floor and a stage.

Public Bar (circa 20) has a traditional feel with a pool table and a mix of wood and tiled flooring.

Snug Bar (circa 15) with a bar servery and carpeted floor.

Ladies and Gents W.C's x 2.

Catering facilities include large Commercial Catering Kitchen with stainless steel appliances and extremely well equipped. (appliances not tested).

Lower Ground Floor Cellar with pumps, racks, python and cooler.

OWNER'S ACCOMMODATION

Situated on the first floor and briefly comprises: 1 double bedrooms and bathroom.

LETTING BEDROOMS

Located on the 1st and 2nd floors and briefly comprise of: 6 double/twin en-suite letting bedrooms and 1 single en-suite room all in very good decorative condition and all having some unique quirky features.

EXTERNAL

To the rear of the property is a large patio terrace area offering seating for approximately 60.

There is a small car park to the rear of the property.

Also, to the rear is a partly converted barn that offers further potential for either letting rooms or further trading areas.

TRADING AND LICENSING

We are advised that the business trades with the benefit of the Premises Licence (not seen) which permits the sale of alcohol during the hours of :

7 days per week 10am - Midnight

Current opening hours are:

7 days per week Midday - Midnight

N.B. Important. Prospective purchasers wishing to continue to operate the public house should ensure that they gain the NCPLH Qualification in readiness for their intended operation of the Public House. Guy Simmonds hold this 1-day NCPLH Course every 2 weeks. Please telephone us to reserve your place or browse the training section of this site.

GENERAL REMARKS

The business is offered for sale as a new 15 year Private FRI Lease Agreement. The Lease is Private Free of Tie with all income being 100% retained by the Lessee.

The initial annual rent will be £28,000 RPI linked to inflation.

Rent reviews every 3 years.

Rent payable quarterly in advance.

Lease re-assignable after initial 2 year period.

Each party responsible for own legal costs relating to the transaction.

We are advised that the inn benefits from mains electric, septic tank, lpg gas and oil central heating (services not tested). Business rates are advised as currently being £5,500 per annum.

THE BUSINESS

Our client took over the business in 2004 as an investment project and has continuously run the property under management. Our vendor client has made significant improvements to the property and is offering the business in good condition, yet offering huge potential within the catering and accommodation side to greatly increase the turnover and profits. The restaurant and function room has hardly been used in the past 12 months and offers unique facilities to the town and surrounding areas. Turnover for the last trading year is £234,000 (inc) with a 100% wet trade. In our opinion, new enthusiastic owner operators concentrating on food and accommodation will be able to achieve a turnover figure in the region of £300-400,000 very quickly.

Accounting information will be made available to interested parties after viewing.

Property information

Property:

Leasehold